Arsenal will allow Nacho Monreal to leave for Athletic Bilbao if and when they sign Napoli's Faouzi Ghoulam, according to Spanish newspaper Marca.
The Spain international has been strongly linked with a move back to La Liga despite establishing himself ahead of Kieran Gibbs for the majority of last season.
Arsene Wenger has been trying to sign Ghoulam for several weeks but has found himself unwilling to match Napoli's €12 million asking price.
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Instead, Arsenal have been trying to negotiate the deal down to €10 million but may be forced to up the stakes due to rival interest from both Atletico Madrid and Paris Saint-Germain.
It seems that if the Gunners can agree a deal for the Algerian international they will allow Monreal to make a move back to Spain with Bilbao the likeliest destination.
The 29-year-old has just 12 months remaining on his contract, but Arsenal inserted a clause that will allow them to extend the deal automatically by a further year.
Wenger is prepared to activate that clause, but only to make sure he gets full value for the Spaniard in this summer's transfer market.
Arsenal are unlikely to reclaim the £8.3m they originally paid to buy him from Malaga, but will be hoping to at least cover the cost of buying Ghoulam.
Any deal may now have to wait as Arsenal are due to fly to the Far East on their pre-season tour on Monday. Monreal was named in the squad that will travel while negotiations for Ghoulam are also likely to slow down.
Arsenal take on a Singapore XI next week followed by another game against either Stoke City or Everton.
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